OTHER NEWS - Sept. 21, 1991
From Times Staff and Wire Reports
Steel Firm May Go Chapter 11: President Ronald Doerr has been telling employees that National Steel Corp. must reduce costs dramatically before the first quarter of 1992 or a Chapter 11 bankruptcy protection filing may be necessary. National Steel is 70% owned by Japan’s NKK Corp. and 30% owned by National Intergroup Inc. of Pittsburgh, a diversified company with a major pharmaceuticals interest. It lost $101 million in the first half of 1991. Doerr’s cost-cutting ideas include elimination of jobs by attrition and reduction of overtime. National Steel’s union employees have a contract that prohibits layoffs.
